HOMEBUYER TAX CREDITS!!! YAY!!
Ok....These are amazing times with amazing opportunities! What with the interest rates at about 4.7%, buying a home right now is something you should definitely look seriously at.
Last week, the U.S. Senate unanimously passed an extension and expansion of the home buyer tax credit. The House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President's signature.
The $8,000 tax credit will be extended and available for first-time home buyers who purchase before May 1, 2010.
AND....
A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
For a complete summary of changes to the tax credit visit: NAR Issue Brief - Homebuyer Tax Credit
www.marthamendenhall.mywindermere.com
Last week, the U.S. Senate unanimously passed an extension and expansion of the home buyer tax credit. The House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President's signature.
The $8,000 tax credit will be extended and available for first-time home buyers who purchase before May 1, 2010.
AND....
A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
For a complete summary of changes to the tax credit visit: NAR Issue Brief - Homebuyer Tax Credit
www.marthamendenhall.mywindermere.com
Labels: Home Buyer Tax Credit, Homes for sale in Tacoma, Martha Mendenhall, Real Estate, Tacoma Real Estate, Tax Credit
posted by Martha Mendenhall | 8:56 PM
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